Created on Tuesday, 29 October 2013 04:12
Remstar Resources Ltd. (TSX-V: REM; Frankfurt: W2U; WKN: A0HM01) (“Remstar” or “the Company”) wishes to announce that it has amended the terms of the option agreement dated November 15, 2012 (the “Agreement”) with Ray-Dor Resources Ltd. (“Optionor”) with respect to the option to acquire a 100% interest in the Wildnest and Phantom Lake gold properties located near Flin Flon, Manitoba (the “Properties”).
As announced in a news release dated November 19, 2013, the Company is entitled to earn a 100% interest in the Properties by making staged payments of $32,500 and 200,000 common shares of the Company over a period of three years. In addition, the Company is required to complete exploration programs totalling $850,000 over a four year period.
Under the terms of the amended agreement dated October 22, 2013, the cash option payment of $5,000 due on December 21, 2013 has been extended to June 21, 2014 and the work expenditure obligation of $50,000 that is required to be completed by December 21, 2013 has been extended to December 21, 2014. In consideration for the time extension, the Company agreed to issue 200,000 common shares of the Company to the Optionor within 10 days of signing of the amended agreement in lieu of the 50,000 shares to be issued on December 21, 2013.
The amended agreement is subject to acceptance for filing by the TSX Venture Exchange. On behalf of the Board,
REMSTAR RESOURCES LTD.
For more information contact the Company at: Telephone: (604) 669-9788
Facsimile: (604) 669-9768
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.